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"Your monthly mortgage payment is going to be$4663..."

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You must be mentioned that your currency is in which currency. you should multiply your annual income by 3.5. In your case this means you should be able to afford a home of your budget. It is best for you to save 20% of the mortgage as a down payment. In fact, only the FHA would give you a mortgage with that down payment level. Let`s assume you will save a little more to get you up to 20%. This means you need to save $98000 or $78000 more. If you amortize over 25 years and assume an interest rate of 4.75%. your monthly mortgage payment is going to be$4663. Making $250,000 means you are making about $20833 a month.

"The mortgage industry standard for calculating how much..."

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The mortgage industry standard for calculating how much house you can safely afford is to multiple your yearly salary by a factor of 3.5. In your case we would divide 250,000 by 3.5 to get the salary you should be earning to buy this home which works out to $71,500. So in order to buy a house of $250,000 you need a salary north of $70,000. Hope that helps.

"The mortgage industry standard for calculating how much..."

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The mortgage industry standard for calculating how much house you can safely afford is to multiple your yearly salary by a factor of 3.5. In your case we would divide 250,000 by 3.5 to get the salary you should be earning to buy this home which works out to $71,500. So in order to buy a house of $250,000 you need a salary north of $70,000. Hope that helps.

Every country has different mortgage rates if you are earning 250000 per year the officially mortgage rate applied will be 5 % and if you try to buy house in a good location then the mortgage rate will be according to the value of the area if you buy a house in rated area then you can afford mortgage of 250000 i hope this will surely help you.

"A 25 year fixed term on your mortgage it means you will have to..."

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Don`t forget that interest rates are near all time lows. If you don`t get a 25 year fixed term on your mortgage it means you will have to refinance during the term of your mortgage and probably to higher interest rate. So if you are using current interest rates to calculate your monthly costs keep that in mind.

Wow If you are making the 20000 dollars per month then in my opinion you must afford the 7000$ mortgage.If you want to buy the full luxury house.Well i am 18 and i work at two resturants and i make at least 80 a night i want to buy a used escalde for 20000 then my real estate developer told me that the rates.You can also see the latest quotes on yahoo and msn.I hope my answer will help you a lot.

"You can afford a mortgage of 500000 to 750000 while making 250000 per year ..."

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You can afford a mortgage of 500000 to 750000 while making 250000 per year . But before you spend this big amount of money over the mortgage , also take care to consider the other expenses in your account . The expenses could involve and other bank debts , installments , expenses etc .

"Mortgages are paid..."

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Hi there
First, all real estate taxes are paid. Then first, second, third etc., mortgages are paid. Next comes any lien holders or attaching creditors. Finally, you`ll get any money left over after all debts are satisfied.

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